Property group Frasers Centrepoint (FCL) on Tuesday (Feb 17) unveiled plans for Frasers Tower, its latest project in downtown Singapore. Frasers Tower is a 38-storey premium Grade A office development located at Cecil Street in the Central Business District. It will have a total net lettable area of around 690,000 square feet (sq ft) with an open-space terrace on the fourth floor, and a roof...
Retail Space
Rents for shops and restaurants in Singapore are expected to fall this year, with prime rents on Orchard Road forecast to recede by 3 to 5 per cent and rents in suburban malls by up to 3.0 per cent, real estate services firm Savills said in a report on Wednesday (Feb 11). "It appears that landlords in the prime shopping districts are beginning to hold out olive branches to retailers, many of whom are...
Shopping mall rents in Singapore are likely to stay flat for a second year in a row, held down by strong resistance on the part of retailers already struggling with high costs, property services firm Colliers International said on Tuesday (Jan 6). Colliers estimated that for the whole of 2014, the average monthly gross rents of prime retail space in Orchard Road slipped by 0.8 per cent year-on-year,...
With new shopping malls coming up along Orchard and new retailers entering the scene, change is afoot at Singapore's prime shopping belt. Just recently, book retailer Kinokuniya moved to small premises within Ngee Ann City, allowing the landlord to carve out the space once occupied by the bookshop into smaller units - for various tenants. At Wisma Atria next door, Japanese retailer Isetan is also...
Shopping mall The Verge and its connecting block Chill @ The Verge located at the junction of Serangoon Road and Sungei Road are going up for sale, and the owners are expecting between S$320 million and S$350 million, real estate company JLL said in a news release on Tuesday (Dec 9). The Verge comprises a 6-storey shopping mall with two basement levels while Chill @ The Verge is an 8-storey building...
Twenty months and S$80 million later, Shaw Centre is all decked out in time to welcome shoppers this festive season. The 42-year-old mall was given a facelift to improve its appeal and pull in a younger crowd, and property consultancy Chestertons say the makeover could also give Scotts Road a much-needed lift. The new Shaw Centre now has a wider sidewalk and a glass facade. It also has a new Urban...
Prices of office space increased by 1.6 per cent in the third quarter of the year, while rental prices of office space rose 2.6 per cent in the same period, the Urban Redevelopment Authority (URA) said on Friday (Oct 24). In the same period, vacancy rate of office space fell to 8.4 per cent, compared to 9.6 per cent at the end of the second quarter. The URA said that this was in part due to a 47,000sqm...
More than 1,000 strata-titled retail shops are estimated to be completed in Singapore over the next 12 months. According to consultancy Chestertons, this will account for 42 per cent of the supply pipeline between now and 2019. The concern is whether there is enough retail demand to absorb the supply, particularly units that are not well located. In recent years, there have been more...
Food and beverage outlets have been eating into commercial and retail spaces at office buildings and shopping malls, as landlords realise the power of such outlets when it comes to drawing the crowds. Property consultants say many landlords now allocate up to 35 per cent of the net lettable floor area to F&B uses, compared to just 5 to 10 per cent a decade ago. Groups such as families who visit malls...
Amid a more competitive retail landscape in Singapore, more shopping malls have been undergoing asset enhancements. According to property analysts, the number of such initiatives has nearly doubled in the last five years, with landlords and mall developers expected to continue with improvement works to their retail properties in order to attract more shoppers and retain tenants. One of the many shopping...